WHAT IS FINANCIAL AID? Financial aid consists of funding provided through federal and state governments and institutional sources to help cover educational expenses. This funding consists of grants and scholarships that do not have to be paid back to the provider and loans that have a variety of repayment options.
Drug-related Convictions and Student Ineligibility:
Regulation effective July 1, 2000: Students who have been convicted under federal or state law for possession or sale of a controlled substance will be suspended from Title IV [financial aid] eligibility, regardless of when the conviction occurred.
If a student is convicted of an offense involving the possession of an illegal substance, the ineligibility period is:
If the student is convicted of an offense involving the sale of an illegal substance, the ineligibility period is:
A student may regain eligibility by successfully completing a drug rehabilitation program that complies with criteria established by the U.S. Department of Education.
A qualified drug rehabilitation program must include at least two unannounced drug tests and must satisfy at least one of the following requirements:
The period of ineligibility begins as of the date of the conviction. A conviction is defined as a conviction that is on a student’s record at the time the student’s eligibility is being determined. A conviction that was reversed, set aside, or removed from the student’s record is not relevant.
An illegal drug is a controlled substance as defined by section 102(6) of the Controlled Substances Act [21 U.S.C. 801(6)] and does not include alcohol or tobacco. Students may obtain additional information on eligibility by contacting the U.S. Department of Education at 1-800-433-3243 or go to http://www.fafsa.ed.gov.
AVERAGE INDEBTEDNESS: As of May 2007, Liberty students, at the time of graduation, borrow an average of $21,171 of loans through all student loan programs. Using an estimated 7-percent interest rate over a 10-year repayment period, that student would make payments of $246 per month.
2012-2013 Financial Aid Award Notification
Terms and Conditions Concerning Your Financial Aid
Our goal in the Liberty Financial Aid Office is to help you secure assistance to help cover as much of your educational expenses as possible. Anyone seeking financial aid information or assistance, or consumer information at Liberty University must read and comply with the requirements and information disclosed at: www.liberty.edu/financialaid.
All Resident Student institutional aid is dependent upon completion of the FAFSA (Free Application for Federal Student Aid) and Verification (if selected). Failure to complete these items will eliminate institutional scholarships. (This does not apply to international students who will be on F-1 or another non-immigrant status).
1. The listed financial aid awards are estimates only. Some reasons that cause award changes include:
2. The estimated awards listed on this letter (based on anticipated housing status) are calculated based on the assumption that students will be enrolled as follows:
3. General Scholarship Rule (GSR): A student’s combined federal grants, state grants, and Liberty aid are not permitted to go above the combined cost of actual tuition and room and board charges based on the lowest rate charged by the University. Students who are not charged for housing cannot exceed the cost of actual tuition only for federal grants, state grants, and Liberty aid. If the combined aid exceeds the total cost of tuition and room and board as specified, Liberty aid will be reduced to resolve the excess aid. The Federal Pell Grant is not included as a factor in the GSR for Resident students.
For recipients of institutional aid (and discounts) like Continuing Education and Dependent Grant-In-Aid, and various others such as Resident FCA/LCA/Temple/TCS, who qualify for federal or state grants, the tuition scholarship will be reduced by these federal and state grant amounts.
All institutional aid must comply with University policy and is subject to terms and conditions. Institutional amounts and statements may be changed at the University's discretion.
4. Any financial aid (such as grants, scholarships, or loans) not listed on this award notification must be immediately reported to the Financial Aid Office and may change existing financial aid eligibility.
5. To receive financial aid, all students must maintain the minimum standards of Financial Aid Satisfactory Academic Progress. These standards are published on-line at http://www.liberty.edu/financialaid.
6. To receive a Federal Direct Stafford Loan, including loans that may be shown as a credit for Financial Check-In, you must have a valid Master Promissory Note (MPN) and an Entrance Interview on file. These requirements may be fulfilled on-line at www.liberty.edu/direct. Students awarded Federal Direct Stafford Loans must be enrolled AND ATTENDING on at least a half-time basis before funds will disburse to the student’s account.
7. For determining award eligibility and disbursements, Liberty University uses the Summer term as a trailer at the end of the Spring term. As applicable, awards will be processed and paid beginning with the Fall term and concluding with the Summer term.
8. Students who may have a credit balance because of a Federal Pell Grant payment have the option of using a book voucher to purchase books ahead of time.
9. Liberty University Online promotional awards require specific eligibility criteria in order to receive the promoted award. All Liberty Advantage 15% Discount promotions require students to be degree-seeking, enroll at least half-time for their program, maintain Financial Aid Satisfactory Academic Progress, and not break enrollment. Students receiving the discount through a corporation that are required to complete the Discount Verification Form must do so annually. The Liberty Advantage 15% discount cannot be combined with the Military Tuition Discount. The Liberty Advantage 15% discount only applies towards the cost of tuition and will not exceed the cost of tuition. For example, if a student is receiving the Federal Pell Grant and it covers the full cost of tuition, they are not eligible for the Liberty Advantage 15% discount. Liberty University Online Book Dollar Promotions require students to enroll at least half-time and be a degree-seeking student. Other event based promotions such as the College For a Weekend Pastor $1,000 tuition only award and Fresh Start $1,000 tuition only award requires students to maintain Financial Aid Satisfactory Academic Progress, enroll at least half-time, and be a degree-seeking student.
10. ESTIMATED Disbursement Dates: Some financial aid will be disbursed based on actual attendance, not on registration. For more information go to www.liberty.edu/disbursements.
|Student||Aid Type||When Aid is Generally Disbursed|
|Resident||Federal Pell Grants||Federal Pell Grants are disbursed proportionately based on credit hours attended. Generally, they are disbursed 10 days prior to the student's first class.|
|Resident, Law||Federal Loans||Federal loans (for students attending half-time or more) and electronically processed alternative (private) loans generally disburse on the first day of the student's first class.|
|Resident, Law, and LU Online||Institutional Aid and VTAG||Institutional aid, VTAG, and scholarships generally disburse on the first day of the student's first class.|
|LU Online||Military Book Vouchers||Military book vouchers begin disbursing 40 days prior to the student's first class starts.|
|LU Online||Federal Pell Grants||Federal Pell Grants disburse proportionately based on credit hours attended. Generally, federal grants disburse on the first day of the student's first class.|
|LU Online||Federal Loans||Federal loans (for students attending half-time or more) will disburse approximately 17 days after the date the student actually begins the class that brings them to half-time enrollment.|
|Student||Aid Type||When Aid is Generally Disbursed|
|Resident, LU Online||Federal Pell Grants||Federal Pell Grants are disbursed proportionately based on credit hours attended. Federal Pell Grants will be disbursed 21 days after the first day of the student's first class.|
|Resident, Law, LU Online||Loans||Federal loans (for students attending half-time or more) and electronically processed alternative (private) loans disburse 21 days after the first day of the student's first class.|
|Resident, Law, LU Online||Institutional Aid and VTAG||Institutional aid, VTAG, and scholarships disburse 21 days after the first day of the student's first class.|
|LU Online||Military Book Vouchers||Military book vouchers are disbursed beginning 40 days before the student's first class starts.|
11. This notice replaces any previously issued Financial Aid Award Notification letters.